What is an ERC20 Token?

[Collinberg]

I remember when I joined Cryptocurrency newly and I didn't know that ERC-20 existed and I used my Blockchain wallet to fill the airdrop form of Polymath airdrop, thankfully I was able to get the token by linking the wallet to imtoken app.

[Deallove9]

It is indeed a useful information to know what erc20 stand for and how it work with etherium network on like other erc protocol which is not that common in all new token that integrate through etherium blockchain.

[jyotianand01]

ERC20 is a protocol which used in ethereum based coin or smart contract. Mostly all new coming ICO's using this technology to allot coins to their investors and bounty hunters.

[DeKingCrypto]

ERC20 is a protocol standard that defines certain rules and standards for issuing tokens on Ethereum’s network.

In ‘ERC20’, ERC stands for Ethereum Request For Comments and 20 stands for a unique ID number to distinguish this standard from others.

Similar to the fact that we have an HTTP protocol for internet, we have a standard protocol for tokens to be issued on Ethereum i.e. ERC20.

To put it in layman terms, if you include certain functions in the token’s smart contract, you are ERC20 compliant. If you don’t include the mandatory functions, you are not ERC20.

You can see those functions here.

So, those tokens on Ethereum’s network checks all the necessary boxes i.e. includes the necessary functions in their token implementation which are deemed as ERC20 tokens.

These are crypto-assets or crypto-tokens which can be traded like Bitcoin or Ethereum or Litecoin but unlike these cryptocurrencies, they don’t have their dedicated blockchain. Instead, they thrive on Ethereum’s blockchain and bring several benefits for the users.

Thanks for this, it is educating.

[M.bhussaini]

ERC 20 token is a digital currency made on the Ethereum stage. One of the special highlights that recognizes it from bitcoin is that it includes the likelihood of programming savvy contracts. A savvy contract is just a showcasing assignment for PC code that can be utilized in a blockchain. These applications, which are recorded in the Ethereum blockchain, are decentralized in nature in light of the fact that the Ethereum stage itself is decentralized. So we call them decentralized applications (or dapps for short). ERC 20 is a standard for making tokens on the Ethereum blockchain. It incorporates a rundown of principles that tokens must agree to.

[saprakib]

Its a great explanation .Its so needful. Actually most of the ICO project start with ERC-20 pay. So it will be a great helpful post for those who don't know about it .It always thanks for this kind of great post.

[Stuart]

I have a question to ask please what is the difference between erc-20 and mew wallet in receiving your token

ERC20 is a technology of the ethereum chain, and all coins that is built under the ethereum technology is an ERC20 token. Myetherwallet is a wallet that generally accepts all ERC20 tokens. Which means, if the token is not an ERC20 token and its been sent to Myetherwallet, its lost.

[Bhussainn2]

ERC20 is a convention standard that characterizes certain principles and norms for issuing tokens on Ethereum's system.

In 'ERC20', ERC represents Ethereum Request For Comments and 20 represents an exceptional ID number to recognize this standard from others.

Like the way that we have a HTTP convention for web, we have a standard convention for tokens to be issued on Ethereum i.e. ERC20.

[ICOrealityshow]

Sometimes, it’s very very hard to know why people don’t try to learn these things themselves and ask others, which leads them into further confusion. IF anyone seriously is interested in learning, try this https://cryptolinks.com/cryptocurrency-wiki -

I don’t think there is ANYTHING you will miss from learning from there. As you see it’s actually the Cryptocurrency Wikipedia thing. I mostly learned through YouTube or Google, but after going through that Wiki, I am amazed that I was not aware of even 1%.

[Bhussainn2]

ERC 20 token is a cryptocurrency created on the Ethereum platform.  One of the unique features that distinguishes it from bitcoin is that it involves the possibility of programming smart contracts. A smart contract is simply a marketing designation for computer code that can be used in a blockchain

[izay0330]

This article is very useful especially to those beginners here in crypto industry. Sharing knowledge of each and everyone may result to a good flow of the forum.

[hope167]

Thanks for your information, this information is very usefull for everyone who join in crypto.
now almost ICOs base on ERC20 Standard, and token too, with this we can use some wallet to store our token such as MEW, metamask ...

[LaltctalksL]

ERC20 is a protocol standard that defines certain rules and standards for issuing tokens on Ethereum’s network.

In ‘ERC20’, ERC stands for Ethereum Request For Comments and 20 stands for a unique ID number to distinguish this standard from others.

Similar to the fact that we have an HTTP protocol for internet, we have a standard protocol for tokens to be issued on Ethereum i.e. ERC20.

To put it in layman terms, if you include certain functions in the token’s smart contract, you are ERC20 compliant. If you don’t include the mandatory functions, you are not ERC20.

You can see those functions here.

So, those tokens on Ethereum’s network checks all the necessary boxes i.e. includes the necessary functions in their token implementation which are deemed as ERC20 tokens.

These are crypto-assets or crypto-tokens which can be traded like Bitcoin or Ethereum or Litecoin but unlike these cryptocurrencies, they don’t have their dedicated blockchain. Instead, they thrive on Ethereum’s blockchain and bring several benefits for the users.

Thanks for the info how about ERC-721 Tokens I have read that ERC-721 is a more advanced token that is “non-fungible” do you have more explanation about this?

[Triedboy]

ERC20 stand for ethereum network. ERC20 every one uses doing the  bounty. Doing bounty last all token ERC20 given the bonuty menager.

[FOPL]

Thanks for the information.
Most ICOs are done via Ethereum and their tokens are mostly ERC20.

So if someone wants to invest in ICOs, they just need to get an ethereum wallet and keep their tokens there. Myetherwallet, mycrypto or metamask can be a good option.

Yeah you are right. It's just a few who build their own blockchain from scratch and some opt to issue on blockchains other than ethereum. As a confirmation to what you said it's good to have a good wallet to manage your ERC20 tokens and what I have been using for the past years is Atomic Wallet, the reason being that, you don't need to be adding a contract address for each token, it just picks it automatically. It also supports other top cryptos making it possible to manage your ERC20 tokens and the likes of bitcoin, ripple, EOS etc. in one wallet.